16 November 2007

In general, the property market has slowed down in the past few weeks and both estate agents and pundits agree that this is, in part, seasonal and in part a reaction to higher interest rates and of course the run on the Northern Rock Bank. However, Kemp and Kemp Residential say that new homes are bucking the trend and selling well if – and, it is a big if – the property offers buyers a genuine, lifestyle choice.

Gavin West explains: "New homes attract buyers who are looking for a chain-free purchase and a lifestyle choice where they are not burdened with renovation or DIY. However, what separates the wheat from the chaff is the homes’ location and exclusivity."

He continues: "We launched Riverbank Studios at Worsham Waterworks over a weekend at the end of October and now have strong interest in four of the seven units there to couples who want a unique home and a lifestyle change. At the launch of Lincoln Grove, an ecohomes site in Bladon, earlier in the summer we had 40 people a day visiting the site and we are now 60% reserved. Whilst at the Berkeley Homes site we are marketing in Harberton Heights, Headington, 50% of this niche townhouse scheme has been sold in six weeks but again this site is in a desirable location, a short walk through the University Parks to the city centre."

"Buyers at Worsham want something unique, in Bladon we are attracting people who actively want to lower their carbon footprint and, of course, there is the advantage of the Blenheim Estate right behind the houses. At Harberton Heights, properties are being bought by families who are moving into Oxford to educate their children and these homes are an affordable option in one of the city’s best areas when compared to North Oxford equivalent prices."

Equally, the new houses with a price tag around £1-3 million are not slow to sell because there are highly liquid buyers who are moving to Oxfordshire and are prepared to pay premium prices for an exciting home with impressive space and bespoke fittings as evidenced by the recent sale of the Herring Homes "A House & Five Gardens" in Sutton Courtenay which sold for £3 Million.

Gavin adds: "We have found that the new homes that are selling quickly are being bought by owner occupiers (rather than investors looking for a buy-to-let) many of whom have been sitting waiting for the right opportunity to come onto the market."

New homes also have a good track record for re-sale, Gavin states: "We have found that the majority of buyers want a "turn key" home. So, even with period properties, buyers prefer those houses that have been updated and modernised. The new homes that come onto the market again whilst they still have the balance of their Guarantees sell very well because they have the cachet of normally unsullied décor.

"I think, pragmatically, the property market in Oxfordshire is going to be unpredictable over the coming months but, in tight times, quality property always sells and, in general, prices have to be realistic. But, buyers will often chose a new home in a difficult market because the process eliminates the uncertainty of "the chain" which could be more vulnerable when the market itself is weak.

"We have sold just over £17 million of property at these three sites since their launch and I am convinced that this success is based on the sites’ unique locations and unequivocal quality."

Gavin West
Director
Kemp & Kemp Residential

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